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Oil prices climb as conflict between Israel and Iran deepens and U.S. weighs military role
Oil markets continued their climb Tuesday as the conflict between Israel and Iran showed no sign of slowing. West Texas Intermediate rose to over $75 a barrel amid growing speculation the United States may directly intervene. Western Canadian Select remained comparatively steady, hovering just below $58 per barrel.
The latest price jump follows six straight days of violence across the Middle East. Tel Aviv and Tehran have traded missile strikes, and a suspected Israeli attack on a Mossad facility in the Iranian capital has prompted widespread retaliation. The energy market is reacting to fears that the Strait of Hormuz, a critical oil shipping route, could be disrupted.
Investors are also watching the United States closely. President Donald Trump abruptly left the G7 summit in Kananaskis and returned to Washington to convene his war cabinet. His demands for Iran’s “unconditional surrender” and a series of aggressive social media posts triggered alarm across global markets.
The White House confirmed the sudden forward deployment of U.S. military aircraft to Europe and the Middle East. While the president initially downplayed the need for direct intervention, later remarks indicated a shifting tone, suggesting Iran’s supreme leader could become a target if tensions continue to escalate.
Though allies such as the United Kingdom urged restraint, and France warned against actions that could destabilize the region, the U.S. administration appeared divided. Trump’s national security team is reportedly considering options to strike deeply buried Iranian nuclear sites, which some military analysts believe only the U.S. Air Force could effectively neutralize.
For now, oil traders are focused on how long the standoff will last and how severe the fallout might become. Any disruption to global supply routes could send crude prices higher, particularly if the United States takes military action or if Iran retaliates against American interests in the region.
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